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7/10/17
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A SoCal investor has paid $32.57 mil for two multifamily communities totaling 236 units ($138k/unit) in Modesto. The acquisition consists of The Commons Apartment Homes, a 100-unit community on Standiford Ave, and Summerview Apartment Homes, a 136-unit community on Prescott Rd.
The Commons was built on a 4.33-acre site in 1989, while Summerview is situated on a 5.03-acre site on Coffee Road. They both have significant exposure on their fronting roads, with over 35,000 and 20,000 cars per day, respectively.
The properties feature attractive community amenities, including a sparkling swimming pool and hot tub, 24-hour state-of-the-art fitness center, and reserved covered parking. Both complexes are located within two miles from Highway-99, shopping / jobs at Vintage Faire Mall, Kaiser Permanente Medical Center, and Central Valley Plaza.
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a Massachusetts based investor.
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